AML requirements: policy clarification

What we need to satisfy ever onerous AML requirements has changed. It’s fair to say that one of the main drivers for this is our new banking partner, Metro Bank, but it is reflective of where much of the industry is going anyway.

With immediate effect and until further notice, we must have certified copies of 2 Proof of Address and 1 proof of Identity (photo ID) along with a fully completed application form for all clients. 

We know that this can create problems for you and your clients but unfortunately there cannot be any exceptions to this.  Metro Bank will refuse to open a bank account without these AML documents, and we must have an account open to receive any transfer of funds.

Both Proof of Address documents must show the same address which must be clearly stated in English and match the completed application form. Unless otherwise stated in the list below, they must be dated within 3 months (where applicable) and all must be properly certified with the relevant company stamp.

The following are documents that are accepted as a form of proof of address:

• Current UK Full/Provisional Photocard Driving Licence;
• Council Tax bill/demand notice/statement (valid for the current financial year);
• HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill issued in the last three months or valid for the current tax year). We can’t accept P45 or P60 forms;
• notification letter from Benefits Agency/Local Authority confirming right to benefits (Department for Works and Pensions, Jobcentre Plus, Universal Tax Credit, Benefits Agency or Veterans Agency), dated within the last 12 months;
• current Tenancy Agreement, from a local council or a recognised letting agency;
• bank/building society/credit union statement;
• credit card statement;
• mortgage statement from a recognised lender, dated within the last 12 months;
• life assurance/life insurance policy (outside of cancellation period);
• motor insurance certificate, valid for the current year but outside of cancellation period – we can’t accept cover notes;
• Sky/cable/utility bill (gas, electricity, water);
• TV license letter or Direct Debit schedule confirming existence of a TV license dated within last 12 months;
• original visitation letter from the IFA on headed paper;
• an original letter from the employer on headed paper, where residence is supplied as part of the employment contract.

We want to help you make this as simple as possible so if you would like more information or guidance on what’s required or what’s acceptable, please contact the PSG SIPP office between 9am and 5pm Monday to Friday. We really appreciate your help and your understanding.

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